Predicts slow economic growth this year<em

CHIEF Finance Officers (CFOs) have identified infrastructural deficit, security issues, exchange rate instability and Taxation pitfalls as the major challenges impeding the nation’s economic growth.

They therefore, urged government to step up actions towards articulating an integrated policy that would address macro economic concerns in the country.

This decision formed the highlight of the KPMG CFO’s second edition of the survey report conducted between June and December 2015.

According to them, if progress was made to tackle these key-challenging areas, it would stimulate activities in the non-oil sector of the economy and attract more investments into the country.

Besides, the CFOs also predicted that the nation’s economy may not witness any significant growth in the current year if these issues are not addressed.

Speaking in at press conference in Lagos at the weekend, the Partner and Head, Audit Services, KPMG, Tola Adeyemi, explained that the CFOs expressed worry on the nation’s huge infrastructure deficit, especially the parlous state of road network in the country.

He added that the current state of the Nigerian transport system needs reforms to attract foreign investment.

The CFOs argued that the development is having a multiplier effect on cost of production, even as financing cost and access to fund would become more stringent.